Lowering Auto Insurance Costs: A Complete Guide For The Seniors

As you cross the age of 65, many things turn out to be more challenging, and lowering auto insurance costs is one of them. For the people who have crossed the age of 65, the auto insurance companies start increasing monthly rates. This is because of the factors like decreased ability to hear and see, and less active body and reflexes. All of this makes a person more prone to accidents.


Things To Implement For Lowering Auto Insurance Costs

Paying extra insurance cost, just because you have crossed the age of 65 is not completeley justified. Take time to go through the information we have collected and explained in this article. Implementing this information in practical life is easy, and will significantly improve the cost you have been paying for your auto insurance.

1. Start Taking Driving Lessons From An Authorized Teacher For Lowering Auto Insurance Costs

Nowadays seeing teenagers taking driving lessons is quite common, but many institutes also have the same for the seniors too. Institutes like AAA and AARP have courses for seniors which they introduce as driver safety courses for seniors. In some states, it is also possible to apply for a course on the DMV webpage itself. Even the price for this course is reasonable and starting with it is easy to do on a phone or laptop. Online payment options are also available and are safe.

Lowering auto insurance costs is possible through the driving lessons. You get a discount on the insurance cost if you take a senior driver safety course. This policy is active in 34 states. In most states, you get a discount if 5% but in some states, the rate is also as high as 10% or 15% too. With this discount, it is possible to lower the financial burden of insurance.

2. Buy Cars That Are Safe And Reliable 

Factors like how old your car is, the model and style, retrofitted safety accessories used, etc. will play a significant role in lowering auto insurance costs. This implies to all age groups, but when you are a senior, this is a more important factor to keep in mind. Insurance companies consider cars that have a cheaper price tag to be safe. These cars do not need high maintenance and the required repairs are also cheap. So buying a cheap car can be a good option.

Make sure that you also consider keeping in mind the reputation of the particular model. Some car models in the market hold a rep of being safe as the maximum number of people are driving them on a regular basis. Many car models are also popular for maintaining the safety of the passengers and keeping them alive in most car crashes.

If you have to choose a model that has popularity like this in the market, and also amongst the insurance companies, consider the points mentioned below:

Buy a car that is certified safe by IIHS (Insurance Institue for Safety Highway)

The cars that get such certification have proof of safety. Factors like car’s weight, rating of the headlights, safety warning features, etc. play an important role in getting certification from the IIHS.

Add Retrofitting

The retrofitting that make your car more safe can help you reduce the price to pay for the insurance. You can add the anti-theft system, lock brakes, stability control, airbags, lane departure warning mode, etc.

3. Buying Used Cars helps in Lowering Auto Insurance Costs

There is no harm in buying a used car, the condition being you carefully check it before making the purchase. Through some research in the market, it is very easy to find a used car which is in great condition. This will help you save a lot of money, and also insuring old cars is cheaper than insuring a new one (as they are cheaper to replace).

4. Protecting Your Car Is Important

Protecting your car is not just about maintaining the cleanliness, twice a year servicing, and avoiding scratches. You can make your car more secure by adding features that protect your car from theft and accidents. This will help you lower the cost of insurance.

Do ask about the tracking devices also known as telematics devices from the insurer. These devices can trace the driving habits like average speed, proper and regular breaking, etc. of the driver. Though if you have good driving habits, it can help in lowering auto insurance costs.

Many insurance companies instead of using telematics devices, use mobile apps to access the driving habits. You can opt for this service, but it will be wise to know if you will be penalized for the bad driving or will just reward you for the good driving habits.

5. Inform Your Insurance Company If You Drive Less Often

Many seniors prefer spending their retirement period far from the city and the use of vehicles reduces a lot there. Another reason for less use of the car after 65 is that your daily commute to the workplace is eliminated. If you have been driving less, informing your insurer will be helpful in lowering auto insurance costs.

In some states, the rule says that a person who drives less than 7500 miles a year can avail a discount of 10% on their insurance cost.

The seniors can also opt for a pay-as-you-go insurance policy if they do not drive frequently. This kind of policy can also be used by people who use vehicles less frequently because they are environmentally aware.

6. Research The Market To Compare Quotes

The competition in the insurance market is high and because of it, various offers and prices are available. As a customer, you can research quotes from various companies and choose the one that is offering a budget-friendly quote to you.

It is safe to choose the locally established insurers instead of nationwide or international insurers. This not just helps in lowering the auto insurance costs, but there is a possibility that you can get better customer service from the local insurers.

Lowering Auto Insurance Costs Is Easy

With the steps mentioned above, it is possible to pay lower insurance costs even after the age of 65. The savings you garner by following these steps can be used to make your retirement period more comfortable.